In its income statement for the year ended December 31, 2022, Blossom Company reported the following condensed data. Salaries and wages expenses $567,300 Loss on disposal of plant assets $101,870 Cost of goods sold 1,204,140 Sales revenue 2,696,200 Interest expense 86,620 Income tax expense 30,500 Interest revenue 79,300 Sales discounts 195,200 Depreciation expense 378,200 Utilities expense 134,200 (b) Calculate the profit margin and gross profit rate. (Round answers to O decimal places, e.g. 15%.) Profit margin Gross profit rate do % do %